The proposed acquisition of Interactive Investor by European investment giant, abrdn, is set to go ahead in a deal worth £1.49bn.
According to a statement from Interactive Investor, the transaction will see abrdn acquire 100% of the ordinary share capital of ii, which includes that of majority stakeholder, JC Flowers IC LP.
ii will operate as a standalone business and independent brand within abrdn, with Richard Wilson continuing to lead ii through the next phase of its development, under abrdn's ownership.
The transaction is subject to receipt of customary regulatory and anti-trust approvals, as well as abrdn shareholder approval. It is expected to be completed in the second quarter of 2022.
Stephen Bird, CEO of abrdn said: "This is a unique opportunity and a transformative step in delivering our growth strategy. interactive investor is the UK's number one subscription-based investing platform with a powerful reputation as a consumer champion.
"abrdn's scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK's attractive savings and wealth market. I am delighted that Richard Wilson and his team will continue to lead interactive investor."
Interactive Investor currently has assets under administration of £55bn and 400,000 customers subscribed to its platform service.